Iraq: Record December Exports Fail To Mask Bleak 2019 Revenue Outlook

Iraqi oil export revenues came in at $83.7bn for 2018, up a massive 41% versus 2017’s $59.5bn. This four-year high was achieved thanks to the combination of record high export volumes and substantial oil price gains. Unfortunately for Baghdad, a repeat looks unlikely for 2019 with oil prices entering the year more than $10/B lower than in January 2018.

Federal export volumes averaged 3.50mn b/d during 2018, smashing the previous record of 3.31mn b/d set in 2017 (see chart 1). Volumes trended upwards throughout the year with the exception of October and November when stormy weather hampered loadings. (CONTINUED - 888 WORDS)